Bankwest Low Rate Business Mastercard – Review

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Make purchases and run your business with a low interest rate credit card that was designed to assist you in managing expenses.

Apply and get approved for a new Bankwest Low Rate Business Mastercard and enjoy an introductory interest rate of 0% p.a. on purchases for 13 months. Plus, pay down your existing credit card debt for less and manage your cashflow with 0% p.a. for 13 months on balance transfers (with a one-time 2% BT fee).

Product NameBankwest Low Rate Business Mastercard
Balance transfer rate (p.a.)0% p.a. for 13 months with 2% balance transfer fee
Balance Transfer Limit95% of available credit limit
Purchase rate (p.a.)0% p.a. for 13 months (reverts to 11.99% p.a.)
Annual fee$99 p.a.
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 55 days on purchases
Cash advance rate (p.a.)11.99% p.a.
Min credit limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$2,000
Max credit limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$50,000
Card TypeMastercard
Foreign Currency Conversion Fee (MC)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
2.95% of transaction value
Complimentary Travel InsuranceNo
Minimum Age18 years of age
Available To Temporary ResidentsNo
Joint ApplicationNo
Annual fee$99 p.a.
Minimum Monthly Repayment$20 or 2%
Late Payment Fee$35
Cash Advance FeeGreater of 2% or $4.00
Overseas Cash Advance FeeGreater of 2% or $4.00
Overseas ATM Withdrawal Fee$0
Foreign Currency Conversion Fee
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You'll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
2.95%
of transaction value
Gambling Transactions AllowedNo
Additional Cardholder Fee$0
Number of Additional Cardholders3

Pros

  • Take advantage of 0% interest rate for 13 months on purchases and balance transfers for 13 months (a one-time 2% BT fee applies).
  • Low rate of 11.99% p.a. on purchases and cash advances.
  • Flexible credit limits between $2,000 and $50,000.

Cons

  • No rewards program or insurance covers.
  • A one-time 2% balance transfer fee applies.

Bankwest Low Rate Business Mastercard review

The Bankwest Low Rate Business Mastercard gives you the opportunity to pay off your business debt by consolidating it into one manageable account. Take advantage of the introductory rate of 0% on purchases and balance transfers for the first 13 months. If you choose to complete a balance transfer, a one-time 2% fee applies.

This is a personal liability credit card best suited to small businesses. If your company is larger you might want to consider exploring business credit cards that allow liability to be assigned to the business, not its owner.

Benefits of the Bankwest Low Rate Business Mastercard

  • Purchase offer. Pay 0% p.a. interest on purchases for 13 months. After the 13 months is over, any outstanding purchases will be charged at the standard ongoing purchase rate.
  • Balance transfer offer. This card comes with a long-term balance transfer offer of 0% p.a. for the first 13 months. Interest rate reverts to the variable balance transfer rate after the introductory period ends. Note that a one-time 2% BT fee applies.
  • Low interest rates. A uniform interest rate of 11.99% p.a. applies to purchases outside of the promotional period, cash advances and balance transfers.
  • Interest-free days. After the introductory period, and for purchases only, there are up to 55 interest-free days. These can only be taken advantage of when the account has been paid in full for the current and preceding statement period. Interest-free days will not apply to balance transfers or cash advances.
  • Eligible for Google Pay. The Google Pay feature allows Bankwest cardholders to tap and go at the checkout with their Android device.

Features of the Bankwest Low Rate Business Mastercard

In addition to the competitive rates on balance transfers, purchases and cash advances, the Bankwest Low Rate Business Mastercard offers your business the following features:

  • Annual fee. This card attracts a standard annual fee of $99 p.a.
  • Foreign transactions. When you make a purchase that involves the conversion of a foreign currency to the Australian dollar, you will be charged 2.95% of the Australian dollar amount.
  • Card replacement. For the replacement of a lost card, you will be charged $25.
  • Additional cardholders. You are permitted to have up to 3 additional cards with your account for no charge. Your monthly statement will contain detailed information for each card held on the account.
  • Liability. Despite this being a business credit card, the liability for any fraudulent use is the sole responsibility of the primary cardholder and not the business entity.
  • Credit limit. Depending on your individual financial circumstances, the amount of credit allowed will range from $2,000 to $50,000.
  • Repayments. The minimum repayment amount each month will be the greater of $20 or 2% of the total balance.

How to apply for the Bankwest Low Rate Business Mastercard

Eligibility criteria

  • 18 years of age or older
  • Australian permanent resident
  • Meet Bankwest lending criteria
  • Do not have an overdue debt with the Australian Tax Office

Required documents

  • Verifiable identity information if you're a new Bankwest customer
  • Details of your financial information, including income, assets, expenses and liabilities
  • Any additional cardholders' names and email addresses

When considering a new credit card for your business make sure to examine all of the features offered to determine what will best help you meet your goals. Liability should also be considered, especially if your business is a larger one.

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Credit Cards Comparison

Rates last updated August 18th, 2018
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
Citi Clear Platinum - Exclusive Offer
14.99% p.a.
0% p.a. for 24 months with 1.5% balance transfer fee
$49 p.a. annual fee for the first year ($99 p.a. thereafter)
finder Exclusive: Receive 0% p.a. for 24 months on balance transfers and a discounted annual fee in the first year. Plus, access to Citi World Privileges.
Westpac Low Rate Card
13.49% p.a.
0% p.a. for 24 months with 1% balance transfer fee
$0 p.a. annual fee for the first year ($59 p.a. thereafter)
Offers a 0% for 24 month balance transfer option, first year annual fee waiver and a competitive purchase rate.
Westpac Altitude Platinum Card - Qantas
20.24% p.a.
$50 p.a. annual fee for the first year ($200 p.a. thereafter)
Earn 60,000 bonus Qantas Points when you spend $3,000 within 90 days of card approval. Plus, a $50 first year annual fee.
ANZ Low Rate
12.49% p.a.
0% p.a. for 15 months
$58 p.a.
Save with a 0% p.a. introductory rate on balance transfers for 15 months with no BT fee. Plus a low 12.49% p.a. interest rate on purchases.

Compare up to 4 providers

* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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